7 million still to claim PPI compensation

Millions still to claim their PPI refund

Recent statistics suggest that up to 7 million people have yet to make a claim regarding the huge PPI mis-selling scandal.

The biggest financial scandal to hit the UK has some way to go before justice is done.

With at least £10 BILLION in compensation yet to be claimed the banks and lenders are sitting back quietly hoping that people with valid claims don’t come forward.

Why have so many still not claimed?

There could be many reasons. People lead hectic lifestyles, perhaps more than ever, and have just not got round to making their claim.

However, I believe the biggest factor as to why people have yet to claim is the simple fact that they are unaware they have been sold PPI.

On a daily basis Your Money Claim receive enquiries from customers across the UK who are unsure as to whether they’ve had PPI.

Thanks to the experience and expertise gathered over many years of handling such enquiries, Your Money Claim are able to carry out quick checks with lenders to establish the facts of whether PPI has been mis-sold, and best of all, Your Money Claim carry out these checks for free.

Up to 7 MILLION yet to make a claim

With an approximate 34 MILLION PPI policies sold since 2001 we can estimate that up to 7 million people have yet to make a claim. How do we arrive at this figure?

Ok, here goes….!

Banks generally reject half of all PPI complaints initially, the vast majority of which are rejected incorrectly by the way.

In instances where banks have rejected complaints, the Financial Ombudsman Service (FOS) are on hand to deal with the complaint if a customer is unhappy with the banks rejection.

I have done a blog regarding this. Unfortunately, only 1 in 10 customers currently escalate their complaint.

Therefore, with the FOS now stating they’ve dealt with over 1 million complaints, we can assume a further 9 million have been rejected by banks and not escalated.

This takes the figure to 10 million, and if we add into the equation that banks tend to make offers on around half of complaints, we can double the 10 million and arrive at a figure of 20 million.

That leaves around 14 million policies left where a complaint hasn’t been made yet, and with the average customer having had two PPI policies sold to them, we can estimate that 7 million people are yet to stake their claim for compensation.

It’s simple to claim

Your Money Claim have made the whole process simple and stress free. Moreover, Your Money Claim are regulated by the Claims Management Regulator in respect of regulated claims management activities.

* Your Money Management Ltd trading as Your Money Claim operates on a “No Win No Fee” basis. This means that there are no upfront costs to pay. Our fee only becomes payable on the successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Your Money Claim to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our Terms of Engagement.

** The average successful customer award is prior to our fee of 24% inclusive of VAT and any income tax deductions.